In its first month of operations, Lily Company made three purchases of merchandise in the following sequence: (1) 350 units at $6, (2) 450 units at $7, and (3) 200 units at $8. Lily uses the periodic inventory system. (a1)   Your answer has been saved. See score details after the due date. Calculate the weighted-average unit cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted-average unit cost   $ 6.85                             (a2)     Compute the cost of the ending inventory under the average-cost method, assuming there are 360 units on hand. (Round answer to 0 decimal places, e.g. 1,250.) The cost of the ending inventory   $

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 7SPB: COST ALLOCATION AND LOWER-OF-COST-OR-MARKET Hall Companys beginning inventory and purchases during...
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In its first month of operations, Lily Company made three purchases of merchandise in the following sequence: (1) 350 units at $6, (2) 450 units at $7, and (3) 200 units at $8. Lily uses the periodic inventory system.

(a1)

 

Your answer has been saved. See score details after the due date.

Calculate the weighted-average unit cost. (Round answer to 2 decimal places, e.g. 15.25.)

Weighted-average unit cost  
$ 6.85
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(a2)

 
 
Compute the cost of the ending inventory under the average-cost method, assuming there are 360 units on hand. (Round answer to 0 decimal places, e.g. 1,250.)

The cost of the ending inventory  
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